Top U.S. auto dealer chain, AutoNation, sees sales gains

There was good news today for the nation's largest auto dealer chain. And AutoNation's fortunes are tied to the entire auto economy.

Despite the weak but improving economy, AutoNation reported record adjusted earnings per share -- a reflection of not only selling more cars, but having shaved costs to stay in line with the market.

In the fourth quarter last year, revenue increased 16% to $3.2 billion, mostly because customers are finally turning out to buy new cars. AutoNation says it outperformed the industry.

CEO Mike Jackson says he's most impressed at how customers turned out to buy larger, more fully equipped vehicles. A lot of them were practical vehicles, like pickups and other work-related vehicles.

"Truck sales continue to be very strong. These are not a fashion statement," Jackson said. "Small business (owners) and entrepreneurs are more confident about the work they have going forward." Jackson was recently named to the board of directors of the Federal Bank of Atlanta's Miami branch.

Ford Motor, Chrysler Group, Honda and BMW are the among the AutoNation brands that showed the biggest sales increase during the year, says ITG Investment Research.

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About Chris Woodyard

Chris Woodyard is an auto writer for USA TODAY who covers all aspects of motoring. He revels in the exhaust note of a Maserati and the sharp creases of a Cadillac CTS. Chris strives to live a Porsche life on a Scion budget. More about Chris